http://blogs.aljazeera.net/americas/2009/11/16/23bn-bonuses-not-gods-work
$23bn in bonuses is NOT God's work!
By John Terrett in a.. Business
on November 16th, 2009
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Photo by AFP
Goldman Sachs' plan to pay out more than $20bn in executive bonuses this year
sparks angry backlash.
Protesters gathered outside the Washington DC headquarters of Goldman Sachs on
Monday.
They were there to protest the giant bank's plans to pay out more than $20bn in
bonuses to executives in 2009.
They were also angry Goldman's spending millions of dollars lobbying Congress
against so called "too big to fail" legislation that would give authorities
power to break up complicated companies if they show signs of getting into
trouble.
"Goldman Sachs is at the cutting edge of the most abusive practices that are
taking place on Wall Street and in Washington DC," Robert Weissman, president
of the Public Citizen consumer advocacy group, told Al Jazeera.
"This year alone they're planning to pay themselves more than $20bn in bonuses
and executive compensation payments, the same year that Wall Street has
received trillions of dollars in public support just to stay in business."
Last week CEO Lloyd Blankfein defended his company's record in a British
newspaper but let slip that he thinks he's doing "God's work".
The Reverend Tony Pierce of Illinois, an official speaker at Monday's demo
said: "When they're paying themselves $23bn - with a "B" - in bonuses, that's
not God's work."
Union chief Andy Stern of Service Employees International said that far from
Goldman Sachs telling Congress what to do, it should be the other way round.
"After America did so much to help these companies the way they pay us back is
to rig the system again and put themselves in great shape and leave America to
fend for itself - that's not the America we need."
Goldman Sachs paid back the basic $10bn in US government money it received to
keep afloat and therefore is free to spend as it sees fit ... but the
protesters argue the firm's still being supported by the US taxpayer and
therefore any bonus money should be returned directly to the Treasury.
One of them, Barb Kalbach, a farmer from the Midwest state of Iowa, said:
"They're also borrowing as much as they want from the Federal Reserve for zero
per cent interest. How much do you pay on your credit card? Probably 29 per
cent interest. Are they? No. Zero per cent. It isn't right and they should step
up to the plate."
Goldman's offices were under lock down while the rally took place outside.
An executive came to the front door, surrounded by body guards, to take a
letter from the protesters.
No word on whether he received a bonus for taking it inside the building!
-John Terrett, Washington DC. November 16th 2009
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